The world's biggest retail event: will records be shattered today?
Here we go again. While the West pauses to remember the fallen victims of successive world wars, the younger citizens of China and its huge diaspora will whip out their mobile phones for the retail frenzy known as 光棍节- or ‘Single’s Day’.
Originating in 2009, the idea of single people celebrating their status is a direct reference to the date (11.11). Jack Ma – CEO of Ali Baba group that includes TMall and TaoBao – reported revenues were around US$14 billion. This year, it will be disappointing to see anything less than about a billion per hour.
That’s right – US $1,000,000,000 per hour.
Analysts will be watching carefully. Since launching on the NY stock Exchange to much fanfare, it’s been a bumpy ride for the group.
What are you after? iPhone cases? Cocktail dresses? Motorbikes? Sex toys? If you can imagine a physical object, there is every chance it is on sale today.
The growth of Singles Day is hard to exaggerate. Since eking into being only six years ago, the event has rapidly out-grown other global online shopping days such as Cyber Monday in the United States.
Last year’s sales exceed 2014 by 60%. If Alibaba can replicate that success in 2016, then they will hit the magical ten-figure number every single hour.
SHH48's Ju Jingyi
The fun kicks off at 10.00am AESDT time with a live stream featuring One Republic, Kobe Bryant, David Beckham and all sixteen members of Chinese girl-band, SNH48.